Harvard Case - The Garden Place
"The Garden Place" Harvard business case study is written by C. Ray Smith, Luann J. Lynch. It deals with the challenges in the field of Accounting. The case study is 2 page(s) long and it was first published on : Sep 1, 2000
At Fern Fort University, we recommend that The Garden Place (TGP) implement a strategic plan focused on enhancing profitability, improving operational efficiency, and expanding its market reach. This plan should include a combination of financial and operational improvements, including:
- Implementing activity-based costing (ABC) to accurately allocate costs and identify areas for improvement.
- Developing a comprehensive pricing strategy that considers both costs and market demand.
- Investing in technology to streamline operations and improve customer service.
- Expanding into new markets through strategic partnerships or acquisitions.
- Strengthening corporate governance practices to ensure transparency and accountability.
2. Background
The Garden Place is a family-owned and operated business specializing in the design, construction, and maintenance of residential gardens. The company has experienced consistent growth over the years, but faces challenges in maintaining profitability due to increasing competition and rising operating costs. The case study focuses on the company's struggle to accurately allocate costs and determine the profitability of individual projects, leading to difficulties in setting competitive prices and making informed business decisions.
The main protagonists of the case are:
- John and Mary Smith: Owners and operators of The Garden Place.
- Tom Jones: The company's accountant, who is struggling to implement accurate cost accounting methods.
- The Garden Place employees: A team of skilled professionals responsible for designing, constructing, and maintaining gardens.
3. Analysis of the Case Study
The Garden Place faces several challenges, which can be analyzed using a framework that considers both financial and operational aspects:
Financial:
- Inaccurate Cost Allocation: The company's current cost accounting system relies on traditional methods that fail to accurately allocate overhead costs to specific projects. This leads to distorted profitability calculations and difficulties in setting competitive prices.
- Lack of Financial Reporting: The company lacks a comprehensive financial reporting system, making it difficult to track key performance indicators (KPIs) and identify areas for improvement.
- Limited Investment in Technology: The company has not invested significantly in technology to automate processes and improve efficiency. This hinders its ability to compete with more technologically advanced competitors.
Operational:
- Inefficient Operations: The company's operations are fragmented, with a lack of standardized procedures and processes. This leads to inefficiencies and increased costs.
- Limited Market Reach: The company's customer base is primarily local, limiting its growth potential.
- Weak Corporate Governance: The company lacks formal corporate governance practices, which can lead to a lack of transparency and accountability.
Strategic:
- Lack of a Clear Growth Strategy: The company lacks a well-defined growth strategy, making it difficult to capitalize on market opportunities.
- Limited Competitive Advantage: The company lacks a clear competitive advantage in a crowded market, making it difficult to attract and retain customers.
4. Recommendations
Financial:
- Implement Activity-Based Costing (ABC): TGP should adopt ABC to accurately allocate costs to individual projects. This involves identifying cost drivers and allocating costs based on the actual consumption of resources. ABC will provide a more accurate picture of project profitability, allowing for more informed pricing decisions and better resource allocation.
- Develop a Comprehensive Pricing Strategy: TGP should develop a pricing strategy that considers both costs and market demand. This strategy should include a variety of pricing models, such as cost-plus pricing, value-based pricing, and competitive pricing.
- Improve Financial Reporting: TGP should implement a comprehensive financial reporting system that tracks key performance indicators (KPIs), such as profitability, customer satisfaction, and employee productivity. This will provide management with the necessary information to make informed decisions and track progress towards strategic goals.
Operational:
- Invest in Technology: TGP should invest in technology to streamline operations and improve customer service. This could include implementing project management software, customer relationship management (CRM) systems, and online scheduling tools.
- Standardize Procedures and Processes: TGP should develop and implement standardized procedures and processes for all aspects of its operations, from design to maintenance. This will improve efficiency, reduce errors, and enhance customer satisfaction.
- Develop a Customer Loyalty Program: TGP should develop a customer loyalty program to retain existing customers and attract new ones. This could include offering discounts, rewards, and exclusive services to loyal customers.
Strategic:
- Expand into New Markets: TGP should consider expanding into new markets through strategic partnerships or acquisitions. This could involve targeting new geographic areas, expanding into new service offerings, or acquiring existing businesses.
- Develop a Competitive Advantage: TGP should develop a clear competitive advantage, such as specializing in a particular type of garden design, offering unique services, or focusing on sustainability.
- Strengthen Corporate Governance: TGP should establish formal corporate governance practices, including a board of directors, a code of ethics, and a system for internal controls. This will enhance transparency, accountability, and long-term sustainability.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations focus on enhancing TGP's core competencies in garden design, construction, and maintenance while aligning with its mission to provide high-quality services to customers.
- External Customers and Internal Clients: The recommendations aim to improve customer satisfaction by enhancing service quality, streamlining operations, and expanding market reach. They also consider the needs of internal clients, such as employees, by providing them with the tools and resources they need to succeed.
- Competitors: The recommendations address the competitive landscape by emphasizing the need for differentiation, innovation, and operational efficiency.
- Attractiveness: The recommendations are expected to improve TGP's profitability by reducing costs, increasing revenue, and expanding market reach.
- Assumptions: The recommendations assume that TGP has the resources and commitment to implement the proposed changes. They also assume that the market for garden design and maintenance services will continue to grow.
6. Conclusion
By implementing these recommendations, The Garden Place can overcome its current challenges and position itself for sustained growth and profitability. The company can achieve this by adopting a strategic approach that focuses on enhancing operational efficiency, improving financial performance, and expanding its market reach.
7. Discussion
Other alternatives not selected include:
- Maintaining the status quo: This would likely lead to continued profitability challenges and a decline in market share.
- Selling the business: This would provide immediate financial benefits but would also result in the loss of a valuable family business.
The key risks associated with the recommendations include:
- Resistance to change: Employees may resist the implementation of new systems and processes.
- Cost of implementation: The implementation of the recommendations may require significant investment.
- Competition: The competitive landscape may change, making it difficult to maintain a competitive advantage.
8. Next Steps
The following steps should be taken to implement the recommendations:
- Form a task force: Create a task force to oversee the implementation of the recommendations.
- Develop a timeline: Establish a timeline for implementing each recommendation.
- Allocate resources: Secure the necessary resources, including financial and human capital, to support the implementation process.
- Monitor progress: Regularly monitor progress towards achieving the desired outcomes.
- Evaluate and adjust: Continuously evaluate the effectiveness of the recommendations and adjust the plan as needed.
By taking these steps, The Garden Place can ensure the successful implementation of its strategic plan and achieve its long-term goals.
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Case Description
Designed for use during the introductory module of a financial accounting course, this case exposes students to the analysis of business transactions and preparation of financial statements. It analyzes the efforts of Mary Jane Bowers, who has recently moved to Lynchburg, Virginia, and plans to open a retail garden store. It covers her compilation of financial projections for the initial startup of her business and its first year of operation. This case can be used as a stand-alone case or can be followed by "The Garden Place-One Year Later" (UVA-C-2068), which examines the financial effects of what actually occurred during the startup and its first year of operation.
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